- 4 months ago
PSU banking stocks have started gaining attention after a long period of underperformance, while the IT sector remains in a state of uncertainty.
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00:00Good afternoon and welcome to market closing on our brand new collab show
00:29Between Business Today and India Today Television, it's 3pm and we are here to get you all the market closing action
00:35First, let's take a look at what's hot in the corporate and financial space
00:39Donald Trump calls Prime Minister Modi wishing him happy birthday
00:46Investor sentiment gets boosted right ahead of US Federal Reserve's decision on the policy rate front
00:52Nifty hits 25,300 for the first time since July 11 and Sensex is nearing 82,700 mark
01:00PSU banks and defense stocks rally in trade
01:03Exclusive conversation with global head of equity strategy at Jeffries
01:11Chris Wood tells Business Today Television that aggressive investors could bet their entire portfolio on silver
01:17Ads that the Indian stock market story has gone beyond IT and banks
01:22With defense and other sectors now getting high returns
01:25Finance Minister Nirmala Seetaraman at an event has said that the GST rejig
01:33Is expected to put a whopping 2 lakh crore rupees back into the hands of common men
01:37Boosting spending
01:39She's also highlighted that 99% of goods which earlier had contributed 12% of revenue
01:44Now fall under the 5% GST slab bringing big relief for the middle class and the poor
01:50SEBI is considering opening up the commodities derivatives market to banks and pension funds
01:58Chairman Tuhin Kanta Pandey has said this morning
02:00The regulator is also weighing in on a bigger role for foreign portfolio investors in non-agri commodities
02:06Like gold, silver, crude oil and copper
02:09The move could deepen the market participation and bring in long-term institutional capital
02:14Into India's commodities trade
02:16The last treat is celebrating as Prime Minister Narendra Modi turns 75 today
02:24Since 2014, the Sensex and the Nifty have nearly quadrupled
02:28Small caps have returned 490% returns to investors
02:32While mid-caps have rallied 435%
02:34Stronger domestic as well as foreign inflows have been driving India's broader markets
02:39Past the global peers including Dow Jones and S&P 500
02:43Top of the show, let's look at how the markets are trading in the last half an hour of trade
02:53While the Nifty has been inching further 25,327 right now at this point in time
02:59Three-tenths percent higher
03:00It's been a choppy ride and this is our range pound trade since the morning trade
03:03But we have been holding on to the 25,300 odd mark
03:07Look at the Nifty bank that had crossed over 55,000 on the closing level yesterday
03:11It's inched up even further in trade
03:13What else is picking up is the IT, the heavyweight index that's rallying sharply
03:17Even the PSU banks, look at the sharp rally there
03:20It's at the day's high point, the PSU banks are up by 2.5% in trade
03:25We're also looking at the defence stocks
03:26A 2% rally that can be seen
03:28Names like Premier Explosives
03:31Even the shipbuilder names like GRSE
03:33Mazagon Dock, they're all rallying in trade
03:35Even the bigger names like HAL and BL are in spotlight
03:38Look at even the oil and gas space that has been ticking higher
03:42Six-tenths percent of a move that can be seen on that one
03:45Now barring metals, FMCG, consumer durables and pharma
03:49The rest, all of the sectors are actually up and about in trade
03:52When we look at the top movers on the Nifty
03:54You'll find a lot of consumption-oriented names like Tata Consumer Products
03:574% higher, it's the top of the chart stock
04:00It's been holding on to its position right from the morning trade
04:03Even State Bank of India, BEL, Maruti Suzuki, Kotak Mahindra Bank
04:07These are all the stocks that are rallying upwards of 1.5% in trade
04:11On the downside however, you have ITC, Bajaj Fincerf, Titan, Hindalko and SPI Life Insurance
04:16Those are the stocks that are still falling behind in the race
04:20PSU stocks are definitely the flavour
04:220.8% of a rally on the higher side
04:24Apart from the defence names, you also spot a lot of railway-related counters
04:28That are up and about in trade as well
04:30Let me also pull up a few Nifty 500 names for all our viewers to see
04:34What else is sticking higher?
04:36Well, the top of the charts is actually Urban Company
04:39It's debut day today
04:40Still holding above 61% of a move on the higher side
04:44Remember, Urban Company has made this stellar debut with 57% premium listing
04:49And thereafter, it moved up another 11% in trade
04:52So it's holding on to smart gains at this point in time on day one
04:55We also have secondary market stocks like Prozone Realty, DCM, Sriram
04:59That's been holding higher
05:01Even some of the textile-oriented stocks
05:03Remember, they are actually rallying in trade
05:05On the back of hopes that the US-India trade talks can resume soon
05:10So those are the key spaces that are also buzzing
05:13Let's actually welcome now our guest on board
05:15Mr. Sunil Shah, the fund manager of SRE PMS
05:17Is now joining in on the programme
05:19Sunil, warm welcome, good afternoon to you
05:21Tell me, how are you looking at the current texture of the markets?
05:24What is next?
05:25Do you think the worst is behind for the LAL Street
05:28And everything will actually move upwards
05:30And in festive spirits too?
05:34Yeah, thanks Rakshi for having me on the show
05:36So clearly, you know, we are getting into a market
05:40On the positive bias
05:42The truce which is apparently happening now again
05:45Between India and US
05:46Is putting one of the biggest challenges to the market
05:48On the backside for the time being
05:51There is a huge amount of liquidity which is there
05:54With the Indian investors
05:55We have seen that SIP flows are continuously inching up
05:58With every passing day
06:00And all the steps that the government has taken
06:03Whether it is in terms of reducing the interest rates
06:06Or relaxing the taxation
06:07Or the GST
06:09Plus coupled with great monsoon
06:11So festive season is going to be much better
06:14And let's also understand
06:16We have seen almost one year of time correction in the market
06:20Practically, if you see the nifty broader terms
06:24It's just been at a very very flat
06:26To a modest positive for last 12 months
06:29So that's a good time correction which has happened
06:31And now with the macros changing
06:33Both locally as well as globally
06:35I think markets can look forward
06:38To a much better ride in the times to come
06:40So investors with long term investment horizon
06:43Should continue to invest
06:44Yeah, thanks
06:45So positive momentum ahead
06:46Which are the top 3 or 4 themes
06:48That you are looking at
06:49That will be the key drivers
06:51To take the nifty upwards from here on?
06:53Remember we are just about 1000 points away
06:55From the all time high levels
06:56What will take the lead Sunil?
06:59Yeah, if we talk about nifty per se
07:01Then the sectors which are there in nifty
07:03Are broader terms mature sector
07:06So the oil and gas
07:07The IT and the banking
07:09Those are mature sectors
07:10For which growth will be very difficult
07:12But if we look at the other emerging sectors
07:15Where the actual business is doubling
07:18In a 4 year period
07:19So whether it is electronics manufacturing space
07:22Defense
07:23Now shipping is going to take a big lead in future
07:26So if investors have to make a lot of money
07:29And outperform the market
07:30It is better to be in these emerging sectors
07:33Rather than be in those mature sectors of the nifty
07:35So that's the way investors can shape their portfolio
07:38Look at all those spaces
07:40Even the cyber security for instance
07:42You know there are companies
07:43Which are listed in that pocket
07:44If investors can find those ideas
07:47Rather than the broader market
07:48Give us some kind of names also
07:49Sunil for our audiences to understand better
07:51What kind of names should one be really looking at
07:53In these teams
07:54In the defense you know
07:57We have companies like the Bharat Electronics
07:59Which is there
08:00Which is one of the most proven company
08:02You have private companies
08:04In the defense space
08:05Like in Apollo Microsystems
08:07Or in Axis Cats
08:08Those are the ones to watch out for
08:10Maybe you look at cyber security
08:12Small cap companies like TAC Infotic kind of idea
08:15So there will be a stock picker's market
08:17It wouldn't be everything which would go up
08:19You identify the stock
08:20And you be invested
08:21And I think money will certainly be made
08:23Amongst all those pockets
08:24Absolutely
08:26When we talk about the consumption oriented theme
08:29As well Sunil
08:30What are you betting big on
08:31Right ahead of the festive season
08:32We are going to be looking at
08:34Monday onwards
08:35When the GST cuts will finally come into effect
08:38Our finance minister has already pointed out
08:40A 2 lakh crore rupee kind of whopping amounts
08:43That will be put back into the hands of the Ahmad May
08:45And all of that
08:46The hope is that it will come back to the economy
08:49By way of spending
08:50And by boosting demand
08:51On the consumption space
08:53So which are the sectors and pockets
08:54That you are betting big on there
08:55Shakshi so in the consumption space
08:59I think automobile is going to take
09:01A much bigger lead there
09:03The recent GST structure
09:05Has been very much favorable
09:06In the small car segment
09:08So in automobiles Maruti and M&M
09:10Remain the top hot favorite
09:12You can also look at auto ancillary companies
09:15Which is you know
09:15One step backward integration
09:16So companies like maybe a Gabriel India
09:19Or a Unominda kind of businesses
09:21Would also do well
09:23Only back of the improvement
09:24In the auto numbers
09:25So we will have to look at auto
09:27Which I think will take
09:28Much bigger lead in the Diwali season
09:31Is the one to watch out for
09:32Okay that's as far as
09:34The consumption space is concerned
09:35Autos is where all the money flow
09:37Could actually be seen
09:38So hold that thought there Sunil
09:40I'll come back to you
09:40But remember apart from the equities
09:42It's also the other asset classes
09:44Especially the bullion
09:45Gold and silver
09:46Which are constantly at record high levels
09:48Even if gold and silver
09:50Are at record highs
09:51One of the biggest global investing gurus
09:53Chris Wood of Jefferies
09:54Is still betting big on them
09:57In a conversation with
09:58Business Today's Siddharth Zarabi
10:00This is what Chris Wood had to say
10:02About bullion
10:03And the sectors that he is bullish about
10:05In India
10:06Gold remains a hedge
10:10On my base case
10:12Which is the dollar
10:13Is in a long term downtrend
10:14So my global equity portfolio
10:17I have a 10% position
10:19In gold mining stocks
10:21Which have been rallying
10:23Dramatically of late
10:24Because they've been
10:25They've been underperforming gold
10:28Normally they would outperform gold
10:29In a bull market
10:30And I have a 6% weighting
10:32In Bitcoin ETF
10:35So I have 16% of my global equity portfolio
10:38Hedging this dollar weakness
10:40Well
10:42Unfortunately for Indian investors
10:45There aren't any gold mining stocks
10:47In the Indian stock market
10:48Because right now
10:49They're in a very good position
10:51Gold's at all-time highs
10:54And energy prices are low
10:57Which is their major cost
10:58So they're making a lot of money
11:01And they don't hedge
11:02They don't hedge the gold price anymore
11:04Absolutely
11:06And there will be a lot of our viewers
11:08Who would take note of these remarks
11:11Not just on gold
11:12But Bitcoin
11:13Which also
11:13From a direct opportunity
11:15Opportunity within India
11:16Is barred by regulation
11:19But what about silver
11:20Chris?
11:21What's your view on silver?
11:23Well silver is high beta gold
11:24So if you're an aggressive high beta investor
11:27Silver is an interesting speculation
11:29But
11:32If I have 80% allocated to gold
11:35Or
11:36If I have
11:37Let's say I have an allocation
11:38To precious metals
11:39Maybe I put 10-15%
11:42Of that in silver
11:43But if I'm a very aggressive investor
11:48I may choose to put 100% of it in silver
11:51Okay
11:53100% if you're a very aggressive investor
11:56Let's quickly turn to
11:57To the sectors that
12:00You have an eye on
12:02As far as India is concerned
12:03I think with this whole
12:05This year
12:06It's made sense
12:07To tilt it more
12:08To the various
12:09Financial companies
12:13To financing companies
12:16Which are basically
12:17Will be geared to lower rates
12:19And any pickup and consumption
12:20Then I also think
12:22An ongoing theme
12:23Is infrastructure plays
12:25Airports would be one example
12:29Then there's the travel
12:31There's a whole
12:32Overseas travel story
12:33And inbound tourism story
12:35Which I think
12:36Continues to remain attractive
12:38There's
12:40I think the whole
12:41Cement sector
12:42Is getting interesting
12:43Because of consolidation
12:44Then there's sectors
12:46Which I don't have exposure to
12:48Because I can't know everything
12:49Because I have a concentrated portfolio
12:51But clearly
12:53In the long term
12:54The whole
12:55Hospital
12:55Hospital
12:56Healthcare story
12:58Remains
12:59Very interesting
13:00And more recently
13:01I think there's going to be
13:03There's been more focus
13:04On the defence sector
13:06Defence stocks
13:07In the last couple of years
13:08In India
13:09And I expect that to continue
13:10So there's really
13:12A lot of themes
13:12One can play in India
13:14This market is no longer
13:16Just about
13:17IT services
13:18And banks
13:19Which was the main focus
13:21For about 20 years
13:22That era is over
13:24A market no longer
13:27Only limited to
13:28IT and banks
13:29And also for
13:30Aggressive investors
13:31Who can continue
13:32To bet big on silver
13:33Even at record high levels
13:35Sunil I'm going to come to you
13:36This was the
13:37Exclusive interview
13:38That our group editor
13:40Siddharth Zorabi
13:41Took with
13:42Chris Wood of Jefferies
13:44What's your sense
13:45When we look at
13:46Equity versus
13:47Bullion
13:48Gold or silver
13:49I'm sure a lot of your
13:51You know
13:52Clients would also be
13:53Asking you this question
13:54When gold and silver
13:56Have rallied
13:5640-45%
13:58Almost 50%
13:59In the last one year
14:00And the nifty
14:00And the sensex
14:01Are almost just flat
14:02Where exactly
14:03Should the money go
14:04How are you advising them
14:05Well yeah
14:07That's really
14:08A very great question
14:09So let's
14:10Let's understand
14:10A little bit
14:11On the bullion
14:12The gold part
14:12Globally
14:14The geopolitical situation
14:15Is what it is
14:16In terms of
14:17Really completely
14:18Uncertain
14:19What is happening
14:20Is the central bankers
14:21Of the world
14:22Are piling on gold
14:24Right now
14:24Unlike keeping
14:25Their currency
14:26Or the forex
14:27Reserves into dollar
14:28They are shifting
14:29Towards gold
14:30If you look at
14:30Some data points
14:31There
14:31You know
14:32From 2010
14:33Till 2020
14:34The annual
14:36Quantum of
14:38Gold purchased
14:39By the central bankers
14:40Is about
14:40500 metric tons
14:42That has now
14:43Gone up to
14:441200 metric tons
14:45From the start
14:46Of the Ukraine war
14:47And the global
14:48Production is about
14:493500 metric tons
14:51So out of
14:513500 metric tons
14:541200 is being
14:55Purchased by the
14:56Central bankers
14:57Alone
14:57From their
14:58Historical purchase
14:59Of 500
15:00Yes
15:00And that is
15:01A major shift
15:02Which has happened
15:03And causing the gold
15:04Prices to go up
15:05So till the time
15:06We see that
15:07Global things
15:08Continue to be
15:09What they are
15:10In terms of
15:10Tariff
15:11And lot of
15:12Such uncertainties
15:13Gold prices
15:14Will continue
15:15To remain firm
15:16So gold
15:17Is a proxy
15:17For global
15:18Uncertainty
15:19And Indian equity
15:19Is a proxy
15:20For India
15:21Growth
15:21That's the way
15:22We need to
15:22Look at it
15:23That's a wonderful
15:24Take there
15:25Sunela
15:25In fact
15:26Gold has been
15:26Shining bright
15:27One of the
15:27Best performing
15:28Asset classes
15:29That we do know
15:29Of
15:30In fact
15:30According to
15:31Motilal Oswal's
15:32Latest gold
15:33Quarterly review
15:33MCX gold
15:35Has actually
15:35Delivered over
15:3640% returns
15:37While COMEX
15:38Is actually
15:38Up by 48%
15:39Outshining
15:40Equities
15:41Bonds
15:41And other
15:42Commodities
15:42At large
15:43In fact
15:43This rally
15:44Motilal Oswal
15:45Financial services
15:45Has pencilled
15:46Is driven by
15:47Geopolitical tensions
15:48Tariff disputes
15:49And expectations
15:50Of a global
15:50Rate cut
15:51As well
15:51Now they have
15:52Also pencilled
15:53In higher
15:54Targets for gold
15:55And silver
15:55Going forward
15:56From here
15:56On domestic
15:57Level
15:58They have
15:58Mentioned
15:59That 1.13
16:00Lack rupees
16:00To even
16:011.2
16:02Lack rupees
16:02Per 10 grams
16:03Of gold
16:04Is what they
16:04See coming
16:05Going forward
16:05From here
16:06On the global
16:07Level
16:07They have
16:07Targets
16:08Of $3800
16:09Per ounce
16:09To $4000
16:10Per ounce
16:11On the
16:11COMEX
16:12As well
16:12But they
16:13Have also
16:14Mentioned
16:14That investors
16:15Must definitely
16:15Watch out
16:16For risks
16:16Rising
16:17Interest rates
16:18A stronger
16:18US dollar
16:19Or a global
16:20Economic recovery
16:21That could
16:21Pressure on the
16:23Gold prices
16:24At the current
16:25Levels
16:25As well
16:25But Sunil
16:27I have to
16:27Understand from
16:28You when it
16:28Comes to
16:29Betting big on
16:31Gold and silver
16:32And these
16:33Bullions
16:34With respect to
16:35Somebody who
16:36Has a heavy
16:37Weightage on
16:37The equity
16:38Aspect
16:38Would you
16:39Look at
16:39Jewelry
16:40Stocks
16:40Would you
16:40Look at
16:41Gold financiers
16:41At this
16:42Point
16:42Yeah I
16:44Think gold
16:45Financing
16:46Companies
16:46Is one of
16:47The safest
16:47Business
16:48Of you
16:49Know
16:49Lending
16:49Money
16:50The kind
16:51Of gold
16:51Which is
16:52There as
16:52A security
16:53Is pretty
16:54Much tangible
16:55And valuable
16:55So I think
16:56Gold finance
16:57Companies
16:57The likes
16:58Of
16:58Mutut
16:59Finance
16:59Would continue
17:00To do
17:01Very very
17:01Well
17:02They have
17:03Great reach
17:04Their return
17:05Ratios are
17:05Extremely strong
17:06The valuation
17:07Is very much
17:07Modest
17:08So I think
17:08If one has
17:09To look at
17:10Gold
17:11Proxy to
17:11Gold
17:12Prices
17:12I think
17:12Mutut
17:13Finance
17:13Will be
17:14One such
17:14Company
17:15Which investors
17:16Can look at
17:16That's the
17:17Way we
17:17Would look
17:17At it
17:18Fair point
17:19Now when
17:20We are
17:20Talking about
17:20The commodities
17:21Viewers
17:22In a big
17:22Boost for
17:23The metals
17:23And the
17:23Critical
17:24Minerals
17:24Sector
17:25We have
17:25Sebi
17:27That could
17:28Soon allow
17:28Banks and
17:29Pension funds
17:30To participate
17:30In commodities
17:31Derivatives
17:31Trading now
17:32There are
17:32Also plans
17:33Under
17:34Consideration
17:34To permit
17:35Foreign
17:36Investors
17:36To trade
17:37In the
17:37Non-agri
17:38Commodity
17:39Space
17:39As well
17:39Let's
17:40Listen in
17:40To what
17:41Sebi
17:41Chief
17:42Mr.
17:42Tuhin
17:42Kanta
17:42Pandey
17:43Had to
17:43Say
17:43Enhanced
17:46Institutional
17:47Participation
17:48Will bring
17:49In higher
17:50Liquidity
17:51Making
17:52The market
17:52More attractive
17:53For hedging
17:54We will
17:55Keep working
17:56Towards a
17:56Regulatory
17:57Framework
17:58To enable
17:58Prudent
18:00Institutional
18:00Access
18:01To these
18:02Markets
18:02A proposal
18:03To allow
18:04FPIs
18:05To trade
18:06In non-cash
18:07Settled
18:07Non-agricultural
18:09Commodity
18:09Derivative
18:10Contracts
18:11Is also
18:12Currently
18:12Under
18:12Examination
18:13We will
18:15Also engage
18:15With the
18:16Government
18:16To consider
18:17Banks
18:18Insurance
18:18Companies
18:19And pension
18:20Funds
18:21To trade
18:21In these
18:21Markets
18:22Banks
18:23Absolutely
18:24Absolutely
18:24So there
18:25You have
18:25Heard
18:25The
18:26Sebi
18:26Chief
18:26Talking
18:27About it
18:27More
18:27Developments
18:28Which will
18:28Be coming
18:29In
18:29We will
18:29Be tracking
18:30That for
18:30You
18:31And helping
18:31You understand
18:31What that
18:32Means
18:32For the
18:32Average
18:33Investor
18:33In the
18:33Derivatives
18:34Market
18:34As well
18:35But let's
18:36Go back
18:36To
18:36Sinel
18:36To try
18:37And understand
18:37When it
18:38Comes to
18:39The
18:39Other
18:39Themes
18:39We have
18:40Discussed
18:40A lot
18:40Of
18:40Consumption
18:41Oriented
18:41Themes
18:42Real
18:43Economy
18:43Themes
18:44As well
18:44Banking
18:45Is one
18:46Space
18:46That is
18:47Now
18:47Coming
18:47Back
18:48Into
18:48Focus
18:48Especially
18:49When we
18:49Talk
18:49About
18:49The
18:50So far
18:50Underperforming
18:51PSU
18:52Banks
18:52That
18:52Had
18:52Taken
18:52A
18:53Back
18:53Seat
18:53So
18:53Far
18:54But in
18:54Last
18:54Couple
18:55Of
18:55Weeks
18:55You've
18:55Again
18:56Seen
18:56PSU
18:57Banks
18:57Come
18:57Back
18:58Into
18:58Flavour
18:58Even
18:58Today
18:59It's
18:59The
18:59Top
18:59Moving
18:59Sector
19:002.5%
19:01High
19:01In
19:01Trade
19:01What do
19:02You
19:02Think
19:03Is
19:03Behind
19:03This
19:03Fresh
19:04Wave
19:04Of
19:04Momentum
19:05In
19:05PSU
19:05Banks
19:06Are
19:06You
19:06Again
19:07Keeping
19:07Your
19:08Focus
19:08On
19:08The
19:09PSU
19:09Banks
19:09Now
19:10Vis
19:10We
19:10The
19:11Private
19:11Sector
19:11Banks
19:11That
19:12Had
19:12A
19:12Lot
19:12To
19:13Do
19:13To
19:13Recover
19:13The
19:14Nifty
19:14From
19:15About
19:1521,000
19:16Odd
19:16Levels
19:16Back
19:17Above
19:1725,000
19:18Levels
19:18So
19:18What
19:18Next
19:19Will
19:19PSU
19:19Banks
19:20Take
19:20The
19:20Lead
19:20Over
19:20Private
19:21Banks
19:21Now
19:21There
19:24Is
19:24A
19:24Huge
19:25Shift
19:25Which
19:26Is
19:26Happening
19:26In
19:26Terms
19:26Of
19:27The
19:27Exposure
19:27Which
19:28Investors
19:28Have
19:28Taken
19:29To
19:29The
19:29Banking
19:29Space
19:30The
19:30Return
19:31Ratios
19:31Of
19:31Public
19:32Sector
19:32Banks
19:32Are
19:33In
19:33In
19:40Valuation
19:41Differential
19:41Is
19:41Still
19:42About
19:4240%
19:43Between
19:43The
19:43Valuation
19:43Of
19:44Private
19:44Sector
19:44Banks
19:45And
19:45The
19:45Public
19:45Sector
19:46Banks
19:46So
19:46When
19:47Time
19:47Given
19:48The
19:48Profitability
19:48Ratios
19:49Are
19:49Coming
19:49Closer
19:50The
19:50Valuation
19:51Gap
19:51Also
19:52Has
19:52To
19:52Bridge
19:52Out
19:53And
19:53That
19:53Is
19:53Something
19:54Which
19:54Is
19:54Happening
19:54Now
19:55Because
19:55Majority
19:56Of
19:56The
19:56Public
19:56Sector
19:56Banks
19:57Are
19:57Still
19:57Quoting
19:57At
19:58A
19:58Discount
19:59To
19:59Their
19:59Book
19:59Value
20:00And
20:00The
20:01Private
20:01Sector
20:01Banks
20:01Still
20:02Quoting
20:02At
20:02More
20:02Than
20:022
20:03To
20:032.5
20:03Times
20:04Their
20:04Book
20:04Value
20:04So
20:04I
20:04Think
20:05Money
20:05Shift
20:06Is
20:06Happening
20:06And
20:06That
20:06Is
20:06What
20:07Is
20:07Likely
20:07To
20:07Continue
20:07Even
20:08Going
20:08Forward
20:09So
20:09Public
20:09Sector
20:10Banks
20:10Clearly
20:10Will
20:11Outperform
20:11The
20:12Private
20:13Sector
20:13Banks
20:14In
20:14The
20:15Times
20:15To
20:15Come
20:15That
20:15Is
20:16The
20:16Profitability
20:18Gap
20:18Is
20:19Really
20:19Shrinking
20:19Absolutely
20:21So
20:22Definitely
20:22We
20:23Look
20:23At
20:23That
20:23Space
20:24Apart
20:24From
20:24This
20:24I
20:25Also
20:25Wanted
20:25To
20:25Get
20:25A
20:26Sense
20:26From
20:26You
20:26With
20:27Respect
20:27To
20:27The
20:28IT
20:29Sector
20:29At
20:29Large
20:30As
20:30Well
20:30You
20:31Know
20:31Why
20:31Are
20:32We
20:32Focusing
20:32On
20:33That
20:33One
20:33Again
20:34Is
20:34Because
20:34It
20:34Has
20:35Been
20:35An
20:35Underperforming
20:36Sector
20:36Right
20:36From
20:37The
20:37Time
20:37The
20:38First
20:38Time
20:38Announcements
20:39Were
20:39Made
20:40On
20:40The
20:40Trade
20:40Tariffs
20:41Front
20:41By
20:42The
20:42US
20:42From
20:43April
20:43Up
20:43Until
20:44Now
20:44We
20:44Have
20:45Been
20:45Seeing
20:45Consistent
20:46Volatility
20:46And
20:47Pressure
20:48On
20:48These
20:48Export
20:49Oriented
20:50Sectors
20:50Namely
20:51IT
20:51Pharma
20:52But
20:53IT
20:53It's
20:54Not
20:54Directly
20:55Impacted
20:55By
20:55The
20:55Tariffs
20:56We
20:56All
20:56Know
20:56That
20:57But
20:57What
20:58The
20:58Global
20:58Uncertainty
20:59Could
21:00Lead
21:00To
21:00Their
21:00Outside
21:01Clients
21:01For
21:02The
21:02IT
21:02Companies
21:03Back
21:03Home
21:03In
21:03India
21:04Is
21:04Something
21:04That's
21:05Put
21:05A
21:05Question
21:06Mark
21:06On
21:06The
21:06Expansion
21:07We've
21:07Seen
21:07A
21:08Lot
21:08Of
21:08Layoffs
21:08Take
21:09Place
21:09We've
21:09Seen
21:09Companies
21:10Holding
21:10Back
21:11On
21:11The
21:11Salaries
21:12Hike
21:12Front
21:13As
21:13Well
21:13So
21:13How
21:14Are
21:14You
21:14Looking
21:14At
21:15The
21:15IT
21:15Sector
21:16At
21:16Large
21:16Is
21:17The
21:17Underperformance
21:18Done
21:18And
21:18Dusted
21:19Is
21:19It
21:19Time
21:19Now
21:19To
21:20Again
21:20Look
21:20At
21:20The
21:20IT
21:21Names
21:21Now
21:21That
21:22The
21:22Talks
21:22Are
21:22Progressing
21:23On
21:23The
21:23Positive
21:23End
21:24Yeah
21:26Shaakshi
21:27So
21:27There
21:27Could
21:28Be
21:28A
21:28Knee
21:28Jerk
21:29Reaction
21:29From
21:30The
21:30Prizes
21:30Prizes
21:31Are
21:31Absolutely
21:32Available
21:32At
21:32A
21:32Good
21:33Value
21:33So
21:33We
21:33Could
21:34See
21:34A
21:34Spring
21:35Up
21:35Of
21:35Price
21:35Which
21:35Can
21:36Happen
21:44Expectation
21:45Or
21:45Guidance
21:45From
21:45The
21:46Companies
21:46About
21:467
21:47To
21:478
21:47Percent
21:48Growth
21:48Guidance
21:49And
21:49You
21:49Look
21:50At
21:50The
21:50Other
21:50Alternates
21:51Of
21:51Defense
21:51And
21:52Shipping
21:52There
21:53The
21:53Growth
21:53Guidance
21:54Is
21:54Upwards
21:54Of
21:5425
21:55Percent
21:55If
21:56You
21:56Look
21:56At
21:56The
21:57Money
21:57Invested
21:58In
21:58This
21:58IT
21:59Pack
22:00There
22:00Is
22:00About
22:0113
22:01Lack
22:02Crore
22:02Of
22:02Free
22:03Float
22:03Money
22:04Which
22:04Is
22:04Invested
22:04In
22:05The
22:05IT
22:05Sector
22:05And
22:06In
22:06The
22:06Defense
22:07Sector
22:07The
22:07Free
22:07Float
22:08Is
22:08About
22:083
22:08Lack
22:09Crores
22:09So
22:10You
22:10Have
22:10A
22:10Pocket
22:11Of
22:113
22:11Lack
22:11Crores
22:12Which
22:12Is
22:12Growing
22:12At
22:1325
22:13Percent
22:13Plus
22:14And
22:14You
22:15Have
22:15A
22:15Pocket
22:15Of
22:1513
22:15Lack
22:16Crores
22:16Which
22:16Is
22:17Growing
22:17At
22:1778
22:17Percent
22:18So
22:18Obviously
22:19Money
22:19Is
22:20Likely
22:20To
22:20Shift
22:20From
22:21Those
22:21Low
22:21Growth
22:22Sectors
22:22To
22:23The
22:23Higher
22:24Growth
22:24Sectors
22:24So
22:24I
22:24Think
22:25IT
22:25Will
22:26Do
22:26Slightly
22:27Better
22:27In
22:27The
22:27Short
22:27Term
22:28But
22:28Overall
22:29If
22:29Look
22:29At
22:29Slightly
22:30Longer
22:30Period
22:30We
22:31Will
22:31See
22:31Money
22:32Shifting
22:33From
22:33That
22:33Pocket
22:34To
22:34The
22:34Growth
22:35Oriented
22:35Pocket
22:35So
22:36That's
22:36The
22:36Thought
22:36Process
22:37Which
22:37Can
22:37Have
22:37On
22:38The
22:38Broader
22:38IT
22:38Sector
22:39Right
22:39Now
22:39Absolutely
22:40Sunil
22:41Just
22:41Help
22:41Us
22:41Understand
22:41Now
22:42The
22:42Outlook
22:43With
22:43Regards
22:44To
22:44What's
22:44Happening
22:44Globally
22:45Again
22:45All
22:46Eyes
22:46Tonight
22:46Will
22:47Be
22:47On
22:47The
22:47US
22:48Federal
22:48Reserve
22:49Decisions
22:49On
22:49The
22:50Policy
22:50Front
22:50We
22:51Have
22:51Not
22:52Seen
22:52A
22:52Rate
22:53Cut
22:53From
22:53The
22:53US
22:53Fed
22:54For
22:54A
22:54Fairly
22:54Long
22:55Bit
22:55Of
22:55Time
22:55Donald
22:56Trump
22:57Has
22:57Been
22:57Consistently
22:58And
22:58Every
22:59Which
22:59Way
22:59Possible
23:00Has
23:00Been
23:00Putting
23:01A
23:01Lot
23:01Of
23:01Pressure
23:02On
23:02The
23:02US
23:02Fed
23:02To
23:03Begin
23:03Cutting
23:04The
23:04Rates
23:04At
23:05This
23:05Point
23:06In
23:06Time
23:06Which
23:06Is
23:06Necessary
23:07For
23:08The
23:08US
23:08Economy
23:09Which
23:09Is
23:09Already
23:10Looking
23:11At
23:11Some
23:11Of
23:12The
23:12Impacts
23:12Of
23:13The
23:13Raising
23:13Of
23:13Tariffs
23:14Are
23:14Leading
23:14To
23:15Higher
23:15Inflation
23:16For
23:16Their
23:16Company
23:17For
23:17Their
23:17Country
23:18And
23:18Therefore
23:18You
23:19Know
23:19Cutting
23:20Of
23:20Rates
23:20Could
23:20Actually
23:21Ease
23:22Some
23:22Of
23:22That
23:22Pain
23:23For
23:23The
23:23US
23:23As
23:23Well
23:24How
23:24Would
23:24You
23:25Look
23:25At
23:25A
23:26Rate
23:26Cut
23:26If
23:26It
23:26Happens
23:27Most
23:27Of
23:27The
23:27Market
23:28Experts
23:28Have
23:28Been
23:28Penciling
23:29In
23:45India
23:45Emerging
23:46Market
23:46Companies
23:46We
23:47Have
23:47Been
23:47Facing
23:48FII
23:48Outflows
23:49Do
23:49You
23:49Think
23:49The
23:49Money
23:49Will
23:50Come
23:50Back
23:50To
23:50Us
23:50Yeah
23:52Shakshi
23:53Great
23:53Question
23:53So
23:54I
23:54Completely
23:55Agree
23:55With
23:55You
23:55That
23:56This
23:56Could
23:56Be
23:56One
23:56Of
23:57Such
23:57Event
23:57It
23:57Might
23:58Not
23:58Be
23:58A
23:58Series
23:59Of
23:59Rate
23:59Cut
23:59Because
24:01If
24:01The
24:01Inflation
24:01Is
24:02Up
24:02And
24:02You
24:02Cut
24:02The
24:03Rates
24:03That
24:03Doesn't
24:04Favor
24:04You
24:05Need
24:05To
24:05Have
24:05A
24:05Real
24:06Growth
24:06Rate
24:06The
24:07Differential
24:07Between
24:08The
24:08Interest
24:08Rates
24:08And
24:09The
24:09Inflation
24:10Should
24:10Be
24:10On
24:10The
24:10Positive
24:10Side
24:11So
24:11It
24:12Will
24:12Not
24:12Be
24:12A
24:13Series
24:13Of
24:13Rate
24:13Cut
24:14Which
24:14Can
24:14Happen
24:14We
24:15Will
24:15See
24:15A
24:15Smodest
24:16One
24:16Off
24:16Which
24:17Can
24:17Happen
24:17Today
24:18Or
24:18Tomorrow
24:18Now
24:19If
24:20We
24:20Talk
24:20About
24:20India
24:21As
24:21Such
24:21The
24:22Rating
24:22Upgrade
24:23Which
24:23Has
24:23Happened
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24:23India
24:24And
24:24If
24:24We
24:24See
24:24A
24:24Rate
24:24Cut
24:25Happening
24:25In
24:25Those
24:25Countries
24:26Coupled
24:27With
24:27Rising
24:27Inflation
24:28Then
24:29Maybe
24:29We
24:29Will
24:29See
24:30Flows
24:30Of
24:30FIS
24:31Getting
24:31Shifted
24:32To
24:32The
24:32Emerging
24:32Markets
24:33And
24:33In
24:34Which
24:34India
24:34Could
24:34Be
24:34One
24:34Of
24:35The
24:35Most
24:35Favourite
24:35So
24:36To
24:37Just
24:37To
24:37Answer
24:37Your
24:37Question
24:38We
24:38Will
24:38See
24:38One
24:39Off
24:39Rate
24:39Cut
24:39Happen
24:39There
24:40We
24:40Will
24:40See
24:40Inflation
24:41Inching
24:41Up
24:41And
24:42Then
24:42Only
24:43We
24:43Will
24:43See
24:43The
24:43Flows
24:43From
24:44The
24:44FIS
24:44Getting
24:45Diverted
24:46To
24:46Emerging
24:46Markets
24:47And
24:47India
24:47Being
24:47One
24:48Of
24:48The
24:48Favourites
24:48There
24:48So
24:49That
24:49Is
24:49The
24:49Way
24:49I
24:50Think
24:50Things
24:50Will
24:50Pan
24:50Out
24:51With
24:51Time
24:51Okay
24:52The
24:52Markets
24:53Have
24:53Shut
24:53Shop
24:53Let's
24:53Shift
24:54Focus
24:54To
24:54How
24:54The
24:54Markets
24:55Have
24:55Ended
24:55Today's
24:56Day
24:5625,330
24:58Viewers
24:58We
24:58Have
24:58Been
24:59Able
24:59To
24:59Sustained
25:00Above
25:00The
25:0025,300
25:02Odd
25:02Mark
25:02Throughout
25:03The
25:03Course
25:03Of
25:03The
25:04Session
25:04Today
25:04Amid
25:05All
25:05The
25:05Choppiness
25:06That
25:06We
25:06Saw
25:06But
25:0790
25:07Points
25:07Higher
25:08On
25:08The
25:09Nifty
25:09Is
25:09What
25:09We
25:09See
25:10The
25:10Nifty
25:10Bank
25:10Also
25:11Supported
25:11The
25:12Sentiments
25:12With
25:126
25:12Tenths
25:13Percent
25:13Of
25:13A
25:13Move
25:13And
25:14335
25:14Points
25:15Of
25:15A
25:15Rally
25:15There
25:16Some
25:16Of
25:16The
25:16Other
25:17Sectors
25:17That
25:17Contributed
25:18Are
25:18The
25:18Heavy
25:19Weights
25:19IT
25:19Sectors
25:20The
25:20PSU
25:21Banks
25:21That
25:21Continued
25:22To
25:22Rally
25:22In
25:23Trade
25:23Even
25:23The
25:23Small
25:24Cap
25:24Index
25:24A
25:25Smart
25:25Rally
25:25Unfolded
25:26On
25:26That
25:26Front
25:27As
25:27Well
25:27Small
25:28Caps
25:37Also
25:38Moving
25:38In
25:38Higher
25:39In
25:39Trade
25:40As
25:40Well
25:40Metals
25:41However
25:41Fell
25:41Behind
25:42Consumer
25:42Durables
25:43FMCG
25:44And
25:44Pharma
25:44The
25:45Only
25:45Sectors
25:46That
25:46Dragged
25:46A
25:47Tad
25:47Bit
25:47In
25:47Trade
25:48This
25:48Is
25:48Despite
25:48The
25:49Fact
25:49That
25:49India
25:50Weeks
25:50Slipped
25:50By
25:51About
25:510.68
25:52To
25:5210.2
25:53Or
25:53Levels
25:54The
25:54Fear
25:54Index
25:55Is
25:55Actually
25:56Hitting
25:56Newer
25:57Lows
25:57And
25:57That
25:57Is
25:58Leading
25:58To
25:59More
25:59Confidence
25:59On
26:00The
26:00Bulls
26:00Coming
26:00Back
26:01On
26:07Suzuki
26:08And
26:08Kotak
26:08Mahindra
26:09Bank
26:09Among
26:09The
26:10Top
26:10Movers
26:10On
26:10The
26:10Nifty
26:11Today
26:11On
26:12The
26:12Downside
26:12Bajaj
26:13Fincer
26:13Fell
26:13Behind
26:14You
26:14Also
26:14Had
26:15Titan
26:15ITC
26:16Hindalco
26:16HDFC
26:17And
26:17SPI
26:17Life
26:18The
26:18Insurance
26:18Majors
26:19Also
26:19See
26:20Some
26:20Profit
26:20Taking
26:20In
26:21The
26:21Trade
26:21Today
26:22Amongst
26:22The
26:22Top
26:23Movers
26:23On
26:23The
26:23Nifty
26:24500
26:24List
26:24Of
26:25Course
26:25Urban
26:26Company
26:2661.9
26:27Percent
26:28Higher
26:28In
26:28Trade
26:29On
26:29Day
26:29One
26:29Of
26:29It's
26:30Move
26:30We
26:30Also
26:31Saw
26:31A Lot
26:31Of
26:31Names
26:32Like
26:32Prozone
26:32Realty
26:33From
26:33The
26:33Real
26:33Estate
26:34Pack
26:34Premier
26:35Explosives
26:35From
26:36The
26:36Defense
26:36Pack
26:36Vito
26:38Switch
26:38Gears
26:38Kadim
26:39Mirza
26:39International
26:40Export
26:40Oriented
26:41Textiles
26:42That
26:42Moved
26:42Up
26:42In
26:42Trade
26:43PC
26:43Jewelers
26:44And
26:44You
26:44Also
26:44Saw
26:45A Lot
26:45Of
26:45Names
26:45Like
26:46On
26:46Mobile
26:46Global
26:46That
26:47Also
26:47Ticked
26:47Higher
26:48In
26:48Trade
26:49As
26:49Well
26:49So
26:49That's
26:49How
26:49The
26:50Markets
26:50Have
26:51Shut
26:51Shop
26:51But
26:52Viewers
26:52Today
26:52Is
27:00Under
27:00PM
27:01Modi
27:0111
27:02Year
27:02Ten
27:02Year
27:02We
27:03Have
27:03Seen
27:03The
27:04Nifty
27:04And
27:04Sensex
27:05That
27:05Have
27:05More
27:05Than
27:05Tripled
27:06In
27:06This
27:07Time
27:07Duration
27:08We
27:08Have
27:08Seen
27:08The
27:08Nifty
27:09Up
27:10By
27:103.4
27:11Times
27:11From
27:127,474
27:14Levels
27:14To
27:14All
27:14The
27:14Way
27:15Up
27:15To
27:1525,320
27:17Now
27:17The
27:18BSC
27:18Sensex
27:19Has
27:19Climbed
27:193.3
27:20Times
27:21From
27:2125,000
27:22Odd
27:22Levels
27:23Back
27:23In
27:23The
27:23Year
27:242014
27:24To
27:25Now
27:25Over
27:2682,380
27:27Levels
27:28As
27:28Of
27:28Today
27:29The
27:29Nifty
27:29Bank
27:30Has
27:30Also
27:30Given
27:31Over
27:31260
27:32Returns
27:33And
27:33The
27:33Broader
27:33Markets
27:34The
27:34Mid
27:34And
27:34The
27:35Small
27:35Caps
27:35Are
27:35Up
27:36Over
27:36400
27:36450
27:37As
27:38Well
27:38Among
27:38The
27:39Sectors
27:39We
27:39Have
27:39Seen
27:40The
27:40Auto
27:40Index
27:41And
27:41The
27:41IT
27:41Index
27:42As
27:42The
27:42Top
27:42Performers
27:43With
27:43Over
27:43300
27:44Percent
27:44Gains
27:44And
27:45At
27:45Least
27:46478
27:47Stocks
27:47In
27:48The
27:48Stock
27:48Markets
27:49In
27:49Prime
27:50Minister
27:50Narendra
27:50Modi
27:50Ten
27:51Year
27:51Have
27:51Delivered
27:52Over
27:521,000
27:53Percent
27:54Returns
27:54As
27:54Well
27:54The
27:55Indian
27:56Stock
27:56Market
27:57Cap
27:57Has
27:57Also
27:58Resened
27:58By
27:59Five
27:59Times
27:59In
28:00The
28:00Last
28:0011
28:00Years
28:01As
28:01Well
28:01The
28:01Market
28:02Capitalization
28:03Of
28:03Indian
28:03Equities
28:04Has
28:04Surged
28:05To
28:054.6
28:06Trillion
28:06Rupes
28:07Today
28:07Up
28:07From
28:0786.8
28:08Lack
28:09Crore
28:09Back
28:09In
28:10June
28:10Of
28:102014
28:11As
28:11Per
28:11Data
28:11Compiled
28:12By
28:12Ace
28:12Equity
28:13Top
28:14Stock
28:14Performers
28:15Have
28:15Been
28:15Bajaj
28:15Twins
28:16Bajaj
28:16Fin
28:17Sub
28:17And
28:17Bajaj
28:17Finance
28:18That
28:18Have
28:19Delivered
28:19Wapping
28:20Returns
28:20For
28:20Bajaj
28:20Finance
28:214522
28:23Percent
28:23Returns
28:23In
28:24The
28:24Last
28:2411
28:24Years
28:24For
28:25Bajaj
28:25Fin
28:25Serve
28:26Over
28:262,100
28:26Percent
28:27Returns
28:27And
28:28Titan
28:28The
28:29Jewelry
28:29To
28:29Eyewear
28:30Maker
28:30Has
28:31Given
28:31Over
28:311,000
28:32Percent
28:32Returns
28:33As
28:33Well
28:33The
28:33Economy
28:34Has
28:34Also
28:34Jumped
28:35Quite
28:35A
28:35Bit
28:35India
28:36GDP
28:36Has
28:36Grown
28:37From
28:372.1
28:37Trillion
28:38Dollars
28:38To
28:394.2
28:39Trillion
28:40Dollars
28:40In
28:41FY25
28:41With
28:42Per
28:42Capita
28:42Income
28:43Also
28:44Rising
28:44From
28:44$1,500
28:45To
28:46$2,880
28:47Over
28:47The
28:48Same
28:48Period
28:48As
28:49Well
28:49This
28:49Has
28:49All
28:50Happened
28:50Because
28:51Of
28:51The
28:52Reforms
28:52Push
28:52That
28:53Prime
28:53Minister
28:53Modi
28:54And
28:54His
28:54Government
28:54Has
28:55Been
28:55Doing
28:55Overhauling
28:56Taxation
28:57Both
28:57Direct
28:58As
28:58Well
28:58As
28:58Indirect
28:59Taxes
28:59With
28:59GST
29:00Now
29:00Recapitalization
29:01Of
29:02The
29:02PSU
29:02Banks
29:03And
29:03Launching
29:03The
29:03Direct
29:04Benefit
29:04Transfers
29:05As
29:05Well
29:05And
29:05Those
29:05Have
29:06Been
29:06The
29:06Clear
29:06Winners
29:07That
29:07Have
29:08Led
29:08The
29:08Stock
29:08Markets
29:09To
29:09Cheer
29:09The
29:10Reforms
29:10Push
29:10Under
29:11Prime
29:11Minister
29:11Narendra
29:12Modi
29:12Given
29:12To
29:12Understand
29:13Let's
29:13See
29:14How
29:15The
29:15Tenure
29:16Also
29:17Pans
29:17Out
29:17In
29:18Terms
29:18Of
29:18How
29:18Wealth
29:19Gets
29:19Created
29:19For
29:20The
29:20Average
29:20Consumer
29:21At
29:21Large
29:21And
29:21How
29:22Our
29:22Lives
29:22Improve
29:23Under
29:23His
29:23Tenure
29:24Going
29:24Forward
29:24From
29:25Here
29:25As
29:25Well
29:26All
29:26Right
29:26Viewers
29:27All
29:27Eyes
29:27Will
29:27Be
29:27On
29:27The
29:27U.S
29:36Listen
29:36In
29:36To
29:36All
29:37The
29:37Top
29:37Industrial
29:38As
29:38To
29:38What
29:39They
29:39Had
29:39To
29:39Say
29:39On
29:40Prime
29:40Minister
29:41Narendra
29:41Modi
29:4175th
29:42Birthday
29:43God
29:45Almighty
29:51Himself
29:52Has
29:52Sent
29:53Modi
29:53As
29:54An
29:54Avatar
29:55Purush
29:55To
29:56Lead
29:56Our
29:56Motherland
29:57To
29:57Become
29:58The
29:58Greatest
29:58Nation
29:59On
29:59Earth
30:00It
30:00Is
30:00My
30:01Good
30:01Fortune
30:01That
30:02I
30:02Have
30:02Known
30:03Him
30:03Closely
30:03For
30:04More
30:04Than
30:04Three
30:05Decades
30:05I
30:06Have
30:06Never
30:07Seen
30:07A
30:07Leader
30:08Who
30:08Worked
30:09So
30:09Tirelessly
30:10For
30:10A
30:10Better
30:11Future
30:11For
30:12India
30:12And
30:12Indians
30:13He
30:14First
30:14Transformed
30:15Gujarat
30:15Into
30:16An
30:16Economic
30:16Powerhouse
30:17Now
30:18He
30:18Is
30:18Transforming
30:19The
30:19Whole
30:19Of
30:19India
30:20Into
30:21A
30:21Global
30:21Super
30:21Power
30:22I
30:23Join
30:23All
30:23My
30:24145
30:25Crore
30:25Fellow
30:25Indians
30:26In
30:27Wishing
30:27Our
30:28Prime
30:28Minister
30:29A
30:30Happy
30:30Birthday
30:30And
30:31Praying
30:31For
30:32His
30:32Continuous
30:33Good
30:33Health
30:33Jai
30:34Shri
30:34Krishna
30:35Jai
30:35Him
30:36He
30:36Is
30:36Also
30:37Very
30:37Keen
30:37Listener
30:38So
30:38If
30:39He
30:39Asks
30:39You
30:40A
30:40Question
30:40He
30:41Will
30:42Very
30:42Patiently
30:43Listen
30:43To
30:43What
30:43You
30:43Have
30:44To
30:44Say
30:44Absorb
30:44It
30:45You
30:46Also
30:46Need
30:46To
30:46Be
30:47Well
30:48Prepared
30:48Before
30:48You
30:49Meet
30:49Him
30:49Because
30:50If
30:50You
30:50Get
30:50The
30:50Wrong
30:51Fact
30:51Then
30:52He
30:52Will
30:52Immediately
30:53Catch
30:55On
30:55To
30:55It
30:55Gujjrat
30:56Gujjrat
30:56chief minister's time was the first chief minister who could understand digital power
31:01to understand digital technology and that was not so advanced. So all those
31:11sono delights, which is the villages, all the state of the cities, the satellite
31:15to be joined all of our offices so that they can contact us and we can communicate
31:23...
31:24...
31:29...
31:31...
31:31...
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